Residential building approvals up 7.4% in March: ABS
Led by apartments and renovations, Australian residential building approvals rose 7.4% in March according to the Australian Bureau of Statistics.
Economists' forecasts had centred on a 3.1% rise in approvals in March, according to Bloomberg.
The number of permits granted to build or renovate houses and apartments gained 7.4% from February when there was a revised 8.8% decline, the ABS said.
Over the year building approvals in March declined 15% which the economists had forecasted would show an 18% annual drop.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
